He says the legacy of bias in America, from slavery to laws that required the separation of blacks and whites, has meant that institutional barriers to success exist for many groups, particularly blacks, Latinos and Native Americans.

Obama says it's in everyone's interest to put in place smart policies to help those communities and give their young people a chance at success.

The president commented while answering questions from the public at a town hall-style event Friday in Binghamton, N.Y.